Mohegans' 3Q profits fall on gambling decline

The Mohegan Tribal Gaming Authority, which operates Mohegan Sun casinos in Connecticut and Pennsylvania, said its third-quarter net income fell nearly 38 percent — a decline its CEO blamed on a lack of economic confidence and a decline in bettors' discretionary dollars.

The authority reported profits of $13.9 million, down from $22.3 million in the same quarter last year.

Net revenue fell nearly $18 million, to $326.3 million. Gaming revenue — the MTGA's largest business — was down $19.8 million, but increases in hotel and food revenue added approximately $2 million, and the authority also cut expenses by $2.7 million.

Mohegan Sun in Montville posted net income of $47.1 million for the quarter, down 18 percent from $57.4 million a year ago.

CEO Mitchell Grossinger Etess said in a statement that the MTGA will continue to pursue efficiencies at its properties, and noted that it is pursuing gaming licenses in Massachusetts, Philadelphia and New York.